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Liam McGrattan dog IMC ramped by Alan Green serves up interims - surely it is almost bust?

By Tom Winnifrith | Monday 12 March 2018

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.

Back in 2011 shares in IMC Exploration (IMCP) were 15p. Today they are 1p-1.75p but they should be 0p. Alan Green has been paid to ramp this stock without declaring his pay - as per Andalas last week - by serial liar Liam McGrattan of US Oil & Gas, TeknoMining and Great Western Mining infamy. But you cant's polish a turd. Today's interims are a hoot. FFS this NEX listed company is near as damn it bust. It should be insolvent by the end of May.

Lyin' Liam starts off with a stack of blather about the company's exploration actiovity. WShateever. He was accused of making up a stack of news about TeknoMining's exploration activity so I don't believe a word he says. But numbers dont lie. We are told that at the 31st December, having spunked 74,680 Euro on admin expenses in the half year, net cash was MINUS 35,362 Euro, debtors were 78,747 Euro but current liabilities ( trade payables) were 62,674 Euro which means that net current assets were MINUS 19,289 EURO. Last month Lyin' Liam managed to persuade some poor saps to pony up £75,000 Euro at 1p. Knock off costs and lets call that 75,000 Euro.

The cashburn on PLC costs, let alone any actual exploration activity, is c 12,000 Euro a month so that means that well before the end of May net current assets will again, as they were at the period end, be negative.

The company boasts non current assets of 587,666 but that is merely the capitalised cost of exploration work in thew ground. If anyone wants to buy a field in West Ireland from Liam they can but I doubt they will pay anything like the balance sheet value.

The bottom line is that IMC is a company that is worthless, perennially teetering on the bring of insolvency, run by a serial liar in McGrattan and promoted by Alan Green. What is not to like?

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